UBS Will Contest RMBS Civil Complaint Filed by United States Department of Justice

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UBS Will Contest RMBS Civil Complaint Filed by United States Department of Justice

  • DOJ case filing will focus on the sale of residential mortgage-backed securities (RMBS) in 2006 and 2007
  • Complaint seeks unspecified monetary civil penalties under the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”)
  • UBS will contest the complaint vigorously in the interest of its shareholders
  • Intends to rely on the following significant facts, among others, in its defense of this action
  • UBS was not a significant originator of U.S. residential mortgages
  • Suffered massive losses on its investments in U.S. mortgage-related assets when the U.S. housing market collapsed